Global stock markets buoyed by Fed statement

Global markets today rose after the US Federal Reserve gave no indication it was preparing to wind down a massive bond-buying program that has propelled investors into stocks.
The Fed wrapped up a two-day policy meeting yesterday without any changes in its monetary policy that has supported the economy by keeping interest rates ultra-low. That, in turn, has encouraged lending and spending and also boosted stock markets as investors seek returns higher than offered by bonds.
European stocks were higher in early trading. Britain's FTSE 100 rose 0.2 percent to 6,635.09. Germany's DAX advanced 0.6 percent to 8,327.17. France's CAC-40 added 0.1 percent to 3,997.96.

Wall Street looked set for a higher opening, with Dow Jones industrial futures rising 0.5 percent to 15,507 while S&P 500 futures gained 0.6 percent to 1,689.80.
In China, meanwhile, ambiguous data about the country's powerhouse manufacturing industries did little to dent the mood. The China Federation of Logistics and Purchasing's manufacturing index released today rose to 50.3 last month from June's 50.1.
Another survey, however, showed manufacturing at its lowest in 11 months. HSBC's purchasing managers' index fell to 47.7 last month from 48.2 in June. Readings below 50 on the 100-point scale indicate a contraction in activity.

The results weren't shocking, analysts said, as evidence that growth is moderating in the world's No. 2 economy has been piling up in recent weeks.

"On balance, today's number probably didn't really change ... Consensus views about the outlook for China," said Ric Spooner, chief market analyst at CMC Markets in Sydney. "It was a bit of a divided story there, which is why there hasn't been much of a response at this stage.
Japan's Nikkei 225 index, which has zigzagged all week, gained 2.5 percent to close at 14,005.77. Hong Kong's Hang Seng advanced 0.9 percent to 22,088.79. The Shanghai Composite Index rose 1.8 percent to 2,029.07.
South Korea's Kospi added 0.4 percent to 1,920.74. Australia's S&P/ASX 200 reversed early losses and closed 0.2 percent higher at 5,061.50.

Better-than-expected U.S. Growth in the second quarter of 2013 also gave a modest boost to investor morale. The world's No. 1 economy grew at an annual rate of 1.7 percent, the government said yesterday, beating expectations of 1 percent for the period. Separately, a private survey from payroll company ADP showed that US businesses created 200,000 jobs this month.